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Norfolk, Union Pacific Top Second-Quarter Views on Strong Freight Demand, Higher Fuel Surcharges

Norfolk Southern (NSC) and Union Pacific (UNP) logged stronger-than-expected second-quarter results amid robust freight demand and higher fuel surcharges, sending the shares of the merger-bound rail operators higher Thursday.Norfolk's adjusted earnings rose to $3.52 a share in the June quarter from $3.29 a year earlier, topping the FactSet-polled consensus of $3.32. Revenue jumped 11% to $3.47 billion, ahead of Wall Street's $3.38 billion views.The company's shares were up 5% in afternoon trade and have rallied 21% so far this year."Fuel surcharge was a major factor in the second quarter, helping to blunt some of the fuel expense pressures," Norfolk Chief Commercial Officer Claude Elkins said on an earnings conference call, according to a FactSet transcript. "If you look past these headline numbers, you'll see that even without fuel, we achieved record revenue in the quarter."Second-quarter operating expenses surged 15% year over year, more than two-thirds of which was driven by the "substantial rise" in fuel costs, Chief Financial Officer Jason Zampi said on the call.Separately, Union Pacific's second-quarter adjusted EPS rose to $3.41 from $3.03 a year earlier, topping the consensus of $3.24. Operating revenue grew 12% to $6.86 billion, exceeding the Street's $6.71 billion views.The company raised its full-year EPS growth outlook to high-single digit from mid-single digit.Union Pacific shares were rose 4.4% intraday, bringing its year-to-date gains to 32%."Solid core pricing combined with business mix to drive 175 basis points of freight revenue improvement," Chief Financial Officer Jennifer Hamann told analysts on a call, according to a FactSet transcript. Operating expenses increased 13%, with fuel expenses surging 63% amid a 60% jump in average fuel prices and 2% higher gross ton-miles, according to Hamann."Even against ongoing margin pressure from fuel, fuel prices have remained volatile, and our recent purchases have been over $4 a gallon," Hamann said. "Overall, a strong first half of 2026, coupled with an improved outlook, highlight our ability to grow volumes, deliver for customers, and manage costs."Last year, Union Pacific agreed to acquire Norfolk in a cash-and-stock deal valuing the smaller railroad operator at about $85 billion. The companies continue to make progress on the deal, Norfolk Chief Executive Mark George said Thursday.Price: $348.22, Change: $+17.28, Percent Change: +5.22%

$NSC$UNP

Mining & Metals22d ago

Goodfood Market to Review Its Strategic Alternatives; Shares Tumble 27.2%

Goodfood Market (FOOD.TO) will conduct a review of strategic alternatives to "stabilize" its financial position and debt levels, it said Thursday.The company, in its third-quarter financial results released on Tuesday, indicated that a "material uncertainty exists that may cast significant doubt" on its ability to continue operating as a going concern and "realize its assets and settle its liabilities and commitments in the normal course of business," Goodfood added.The company's shares were last seen down C$0.015 to C$0.04 on the Toronto Stock Exchange.Price: $0.04, Change: $-0.02, Percent Change: -27.27%

$FOOD.TO

Commodities22d ago

EMEA Natural Gas Update: Prices Ease, but Tight Inventories and LNG Competition Keep Market Under Pressure

European natural gas prices edged lower on Thursday, though concerns over depleted storage levels and intensifying global competition for liquefied natural gas supplies continued to support the market.The front-month Dutch TTF gas contract declined by 0.955% to 61.940 euros ($70.48) per megawatt-hour, while the front-month UK NBP contract lost 1.043% to trade at 149.850 British pence ($2.00) per therm.Goldman Sachs raised its TTF price forecasts for the third and fourth quarters of this year earlier this week, citing continued uncertainty linked to the conflict in the Persian Gulf which has tightened global LNG supplies and caused prices to soar. The bank lifted its projections to 60 euros/MWh for the third quarter and 53 euros/MWh for the fourth quarter, from previous forecasts of 41 and 40 euros respectively.European gas storage levels remain a key concern. Inventories are currently at 54.38% of capacity, well below the 65.36% level recorded during the same period last year, according to data from Gas Infrastructure Europe. Storage levels are also significantly below the five-year average of 70% for this time of year, according to the Swiss Federal Office of Energy.Equinor told Reuters earlier this week that European gas stocks are at their second-lowest level in 15 years, highlighting the challenge facing the region as it prepares for the next heating season.RBC said the key variable regarding refilling inventories remains the full reopening of the Strait of Hormuz; however, its analysis suggests that even then Europe might still struggle to hit its mandated storage target ahead of winter.Meanwhile, competition for LNG cargoes has intensified in Asia as buyers seek alternative supplies amid disruptions in the Gulf region. Japan's wholesale electricity prices have risen to their highest level in three and a half years, while Pakistan has been paying record prices for spot LNG cargoes. India has also accelerated long-term LNG contracting as buyers compete for available volumes, according to OilPrice.com.

Wire22d ago

IPower Signs Non-binding LOI for Proposed GPU Systems Deployment

IPower (IPW) said Thursday that it signed a non-binding letter of intent with a prospective customer to lease GPU computer systems for artificial intelligence computing.The initial deployment is expected to involve about $6 million worth of GPU equipment with a planned 36-month lease term, the company said.Under the proposed agreement, iPower would purchase and retain ownership of the GPU systems and lease them to the customer for use at an agreed data center, the company said, adding that if the initial deployment is successful, the potential contract value could expand to about $60 million.Final terms, including equipment details, pricing, payment structure, and deployment plans, remain under negotiation, the company said.Shares of iPower rose 2.2% in Thursday trading.Price: $0.88, Change: $-0.01, Percent Change: -1.01%

$IPW

US Markets22d ago

Brent Tops $100 After Red Sea Shipping Attacks

Brent crude futures crossed the $100 mark Thursday for the first time since May after the US-Iran conflict widened with attacks on commercial ships in the Red Sea.Brent rose 6.6% to $100.25 a barrel in Thursday trade, while West Texas Intermediate was up 6.1% at $92.11 a barrel. Brent was on track for a fourth consecutive weekly gain.Yemen's Iran-aligned Houthis claimed attacks on two Saudi Arabian oil tankers in the Red Sea that violated its naval blockade of Saudi ports, news outlets reported.An unknown projectile struck a tanker 70 nautical miles southwest of Al Shuqaiq, Saudi Arabia, the United Kingdom Maritime Trade Operations said Wednesday. No casualties were reported, according to the UKMTO notice.These attacks prompted "more vessels to divert from the Bab el-Mandeb Strait and creating what analysts describe as a two-chokepoint problem for oil," Saxo Bank said in a note Thursday. "The result was a fresh risk premium in crude and a renewed market focus on inflation."The Bab el-Mandeb Strait connects the Red Sea to the Gulf of Aden and Arabian Sea. It is an alternative route to the Strait of Hormuz, which remains effectively closed due to tensions between the US and Iran.US President Donald Trump threatened "major military punishment" against Iran if its Houthi proxy continues attacking ships, according to his social media post on Thursday. The US Central Command said Wednesday it struck Iran for the 12th consecutive night.Iran's Islamic Revolutionary Guard Corps said it hit a US electronic warfare unit and an air traffic control tower at Kuwait's Al-Adiri base, Reuters reported Thursday.

Wire22d ago

Microsoft, Databricks Extend Partnership to Support Enterprise AI

Microsoft (MSFT) and Databricks are extending their decade-long partnership through the 2030s, deepening their work together on enterprise AI as Databricks shifts more of its core business operations to Microsoft's Azure cloud.Databricks will also expand its use of Microsoft's Cobalt infrastructure, including plans to adopt the newer Cobalt 200 chips, which offer improved performance and built-in memory protection for AI workloads, the companies said Thursday in a statement.Microsoft said it will continue adding Databricks' AI tools, including Genie and Unity AI Gateway, into products such as Microsoft 365, Teams, Copilot and Power BI.Price: $380.46, Change: $-9.88, Percent Change: -2.53%

$MSFT

Wire22d ago

Estee Lauder Turnaround Gains Momentum as Key Brands Improve, RBC Says

Estee Lauder's (EL) turnaround appears to be gaining momentum as key brands perform better and demand from luxury consumers remains resilient, RBC Capital Markets said in a report Thursday.Circana data showed the company gaining both dollar and volume share on a two-year average basis, while Numerator data also indicated "healthy performance" across the company's beauty categories, according to the report.The firm said travel-retail trends remain uneven but are showing "signs of stabilization," particularly in China's Hainan province. However, weaker duty-free sales in South Korea and disruptions tied to changes in airport retail operators could create near-term pressure, the report said.The Middle East remains a wildcard because the company's fiscal 2027 outlook assumes no major disruptions from regional conflict, RBC said. The firm said Estee Lauder may prudently begin the year near the lower end of its forecast for 3% to 5% sales growth and a 12.5% to 13% adjusted operating margin, according to the report.RBC reiterated an outperform rating on Estee Lauder with a price target of $111.Price: $79.67, Change: $-2.96, Percent Change: -3.58%

$EL

Wire22d ago

GE Vernova's Q2 Results Highlight Strong Demand, Support Upside Ahead, RBC Says

GE Vernova's (GEV) Q2 results showed continued strength in electrification demand, bookings, and backlog growth amid investor concerns around valuation, RBC Capital Markets said in a note emailed Thursday.The analysts said the company's shares pulled back post-results due to crowded positioning. The main missing piece was a near-term earnings before interest, taxes, depreciation, and amortization guidance increase, although the company raised its revenue and free cash flow outlook, according to the note.Looking ahead, the analysts said the company is expected to outperform peers due to strong pricing, productivity improvements, and cost reduction efforts supporting higher margins, with further upside expected beyond 2028 as the company benefits from a larger installed base.GE Vernova has reduced costs through efficiency initiatives and is successfully raising prices, which is improving margins in its backlog, the firm noted. The company also sees additional margin opportunities from software solutions and a more streamlined product strategy, the analysts said."Secular trends of electrification give us confidence in revenue growth across the portfolio," the analysts added.RBC raised its price target on GE Vernova to $1,225 from $1,195 and kept its outperform rating on the stock.Price: $1022.00, Change: $+36.97, Percent Change: +3.75%

$GEV

Wire22d ago

Update: Gentherm Q2 Adjusted Earnings, Revenue Increase; 2026 Revenue Guidance Raised

(Updates with additional details in the seventh paragraph and latest stock movement in the last paragraph.)Gentherm (THRM) reported Q2 adjusted earnings Thursday of $0.75 per diluted share, up from $0.54 a year earlier.Analysts polled by FactSet expected $0.56.Revenue for the quarter ended June 30 was $416.2 million, up from $375.1 million a year earlier.Analysts expected $382.9 million.For 2026, the company raised its revenue guidance to between $1.55 billion and $1.65 billion from its previous guidance of $1.5 billion to $1.6 billion.Analysts expect $1.56 billion.Gentherm said its board approved a new three-year share repurchase program authorizing the repurchase of up to $400 million of its issued and outstanding common stock, replacing the existing program effective Monday.Shares of Gentherm were up 23% in Thursday afternoon trading.Price: $44.35, Change: $+8.30, Percent Change: +23.02%

$THRM

Wire22d ago

AT&T 'Strong' Wireless Execution Keeps Thesis Intact, RBC Says

AT&T (T) delivered strong, cost-efficient wireless subscriber growth in Q2, reinforcing its investment thesis, RBC Capital Markets said.The brokerage said in a Wednesday note that the company's bundling strategy continues to gain traction. It expects the accelerated wind-down of AT&T's legacy network to drive meaningful free cash flow expansion through 2028 and beyond.RBC noted that AT&T reaffirmed its 2026 guidance for revenue, EBITDA, capital expenditures and free cash flow. The company's management also increased its share repurchase target for 2026 to $10 billion from $8 billion, saying the stock remains undervalued.The firm said it does not expect AT&T to pursue a mobile virtual network operator agreement with Starlink. The company continues to explore partnerships with Amazon (AMZN) LEO and AST SpaceMobile (ASTS) to extend coverage beyond its existing network.The investment firm raised its EBITDA and free cash flow estimates for 2026 and 2027.RBC has an outperform rating on AT&T with a price target of $27.Price: $22.90, Change: $-0.15, Percent Change: -0.63%

Oil & Energy22d ago

Market Chatter: Trump Weighs Iran Strikes Larger Than Operation Epic Fury

US President Donald Trump is considering military strikes against Iran that would exceed the scale of Operation Epic Fury, though he has yet to make a final decision, Axios reported Thursday, citing an interview with the president.Trump said Iran wants to negotiate but has not yet faced enough pressure to reach an agreement. He also said Israel would join the operation if requested, although the US could launch the strikes on its own, according to the report.Two US officials told the publication no military orders have been issued, although Trump said US forces are prepared if he authorizes the operation.The White House and the US Central Command did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Wire22d ago

ServiceNow's 'Strong' Q2 Supported by Rising Contract Revenue Growth, RBC Capital Markets Says

ServiceNow (NOW) had a "strong" Q2 contrary to negative investor expectations, with financial results supported by accelerating current remaining performance obligations, or cRPO, and subscription revenue growth, RBC Capital Markets said in a Thursday note.The company posted constant currency cRPO growth of 21.5%, beating guidance of 19.5%, and subscription revenue growth of 23%, surpassing guidance of 21.0% to 21.5%, although RBC analysts estimated organic cRPO growth at around 19.25% after removing contributions from Armis and Moveworks.ServiceNow's artificial intelligence-related net new annual contract value surpassed $1 billion for the quarter and is on track for $1.5 billion by the end of the year, while its fast-growing cybersecurity-related offerings have reached $1 billion, analysts said.The company also expressed confidence in continued seat expansion, although RBC noted that more than half of new business came from non-seat-based sources.The investment firm said ServiceNow is well-positioned to monetize its AI capabilities, consolidate spending, and boost estimates over H2.RBC Capital Markets maintained its outperform rating and $130 price target on the stock.Price: $94.66, Change: $-0.80, Percent Change: -0.84%

$NOW

Wire22d ago

Marriott Reports Agreements With Catalonia Hotels & Resorts

Marriott International (MAR) said Thursday it has signed agreements with Catalonia Hotels & Resorts for two all-inclusive resorts in Jamaica and Tanzania.The Marriott All-Inclusive Resort in Montego Bay, Jamaica, is expected to open in 2028 following the conversion of the former Catalonia Montego Bay, the company said.The second agreement will introduce a new-build All-Inclusive Resort to Zanzibar, Tanzania under Autograph Collection Hotels, with opening expected in 2027, it added.Price: $361.52, Change: $-8.28, Percent Change: -2.24%

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Mining & Metals22d ago

Volt Carbon and TensorOne Partner to Advance Next-Generation Drone Technologies

Volt Carbon Technologies (VCT.V), its Solid Ultrabattery unit and TensorOne, executed a three-party Memorandum of Understanding (MOU) to evaluate and develop advanced battery and carbon technologies for next-generation autonomous Unmanned Aerial Systems (UAS) and AI-enabled counter-UAS platforms, it said in a statement on Thursday.The parties plan to evaluate the integration of Solid UltraBattery's lithium metal battery technology with Volt Carbon's "advanced" graphene and carbon materials on TensorOne's autonomous UAS platforms. The company said the partnership will include engineering validation, laboratory and flight testing, manufacturing evaluations, and the pursuit of future commercialization opportunities."Advanced batteries and lightweight materials are two of the most important technologies driving the future of autonomous aircraft. Every reduction in aircraft weight and every improvement in battery energy density has the potential to translate into greater flight endurance, increased payload capacity and improved mission performance," Volt chief executive V-Bond Lee said in a releaseShares of Volt Carbon were last seen unchanged at C$0.06 on the TSX Venture Exchange.

$VCT.V

Wire22d ago

Rogers Communications Could See Equity Reflation Driven by FCF Generation, RBC Says

Rogers Communications (RCI) could see an equity reflation story driven by free cash flow generation, outright debt repayment and further progress on balance sheet de-levering, RBC Capital Markets said in a Wednesday research report.Noting the 0.5% sequential deceleration in wireless network revenue growth in Q2, RBC said that the management remains optimistic of an eventual return to positive wireless ARPU growth driven by value propositions resonating well in more stable pricing environment, RBC said Wednesday.With Rogers' cable service revenue rising 0.7% in Q2, representing the company's fifth consecutive quarter of year-on-year growth, RBC said that it views this cable trajectory as industry-leading given that it is delivering low-single-digit growth despite absorbing satellite TV pressure.RBC maintained its outperform rating with a CA$60 ($42.60) price target on the company's stock.Price: $33.23, Change: $+0.27, Percent Change: +0.83%

$RCI

Mining & Metals22d ago

S&P/TSX Composite Index Down 370 Points at Midday

The S&P/TSX Composite Index fell 370 points at midday Thursday, weighed down by the technology and financial sectors.The technology and financials sectors were down 2% and 1.5%, respectively, while energy rose 2.2%.Oil rose for the fifth straight day and jumped 6% to $92 as fighting between the US and Iran continued and Yemen's Houthi militants attacked two tankers carrying Saudi oil in the Red Sea.In economic news, May retail sales advanced 1% to $73.7 billion, reported Statistics Canada. The agency provided an advance estimate of 0.4% for June.In stocks, FirstService (FSV.TO) shares were down 10% at midday, to C$179.79. The property management company reported a Q2 adjusted earnings beat, though revenue just missed estimates.

S&P/TSX CompositeS&P/TSX Composite$FSV.TO

Wire22d ago

CSX Keeping Momentum Going With Solid Q2, 2026 Outlook Raise, RBC Says

CSX (CSX) kept its momentum going, with Q2 topping expectations and the company raising its 2026 outlook, RBC Capital Markets said in a Thursday note.The company reported fiscal Q2 net earnings late Wednesday of $0.54 per diluted share, up from $0.44 a year earlier, as revenue increased to $3.94 billion from $3.57 billion. RBC said the period saw solid operating leverage, backed by strong volumes.For 2026, CSX now expects a mid- to high-single digit growth in revenue, from mid-single digit previously, and for margins to improve over 350 basis points from the previous forecast of 200 to 300 basis points, according to the note.The increased outlook reflects robust volumes and fuel surcharge revenue, RBC said. CSX is also seeing significant truck to rail conversion, which buoyed the company's intermodal revenue, the investment firm added.RBC raised its price target on CSX to $54 from $51, with an outperform rating.Price: $52.43, Change: $+2.50, Percent Change: +5.00%

$CSX

Commodities22d ago

China Targets 300 Gigawatts of Renewable Capacity By 2030

China unveiled its renewable energy roadmap for the next five years on Thursday, committing to lift total renewable energy consumption to 1.8 billion tons of standard coal equivalent by 2030.Under the plan, China aims to expand total renewable energy power generation installed capacity to about 300 gigawatts by the end of the decade.Wind and solar power will anchor the expansion, targeted to reach a cumulative installed capacity of 184 gigawatts, according to the renewables strategy published by the National Development and Reform Commission.China has already set 2030 targets for renewable energy capacity and the non-fossil fuel share of total energy consumption.Total annual renewable energy generation is projected to reach about 6 trillion kilowatt-hours, accounting for about 30% of the nation's total electricity generation.Newly started offshore wind power capacity nationwide will hit about 100 million kilowatts during the plan period, with cumulative offshore wind installations surpassing 100 million kilowatts by 2030.Pumped storage power stations are scheduled to scale up to 160 million kilowatts by the end of the decade.China's national renewable energy hydrogen production capacity is projected to reach 2 million tons by 2030, supported by large-scale green hydrogen, ammonia, and methanol integration projects.The policy framework emphasizes building wind and solar facilities, accelerating mega-bases in desert and sandy regions, including the "Shagohuang" initiatives, and enforcing minimum consumption proportion targets across key energy-consuming industrial sectors.

Wire22d ago

Neo-Concept International Files $100 Million Mixed Shelf

Neo-Concept International Group Holdings (NCI) filed a prospectus on Thursday to offer up to $100 million in securities.The shelf covers Class A ordinary shares, debt securities, warrants, rights, and units.The company has a public float of $23.7 million and will limit primary offerings to one-third of its float over any 12-month period while it remains below the $75 million threshold, according to the filing.The company may sell the securities at fixed, market, or negotiated prices, either directly to investors or through underwriters and agents.Price: $11.00, Change: $-0.70, Percent Change: -5.98%

$NCI

Wire22d ago

IBM's 2026 Revenue, Free Cash Flow Guidance Ahead of Expectations, RBC Capital Markets Says

IBM's (IBM) free cash flow and revenue guidance for 2026 were both ahead of expectations after a weaker-than-expected Q2, RBC Capital Markets said in a note Wednesday.Analysts said the primary question from investors is whether deals that slipped at the end of Q2 are expected to close in Q3 and the rest of the year. The company provided "very little additional color" to explain deals that slipped due to reprioritization of the capital expenditure budget, the investment firm said.The unchanged free cash flow guidance and "roughly maintained" revenue guidance indicated management's confidence in H2 as 30% to 40% of the deals had been closed, analysts said.The firm said there are customer concerns on pricing dynamics for memory and storage, which has helped IBM's power and storage business.RBC maintained its outperform rating and $270 price target on the stock.Shares of IBM were advancing 0.7% in Thursday trading.Price: $207.19, Change: $+1.42, Percent Change: +0.69%

$IBM

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US Markets22d ago

Norfolk, Union Pacific Top Second-Quarter Views on Strong Freight Demand, Higher Fuel Surcharges

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